Primoris Services Shares Tumble 36% on Lowered Guidance and COO Departure
Updated
Updated · CNBC · Jun 23
Primoris Services Shares Tumble 36% on Lowered Guidance and COO Departure
2 articles · Updated · CNBC · Jun 23
Summary
Primoris Services plunged 36% before the bell after the specialty contractor cut guidance and disclosed its chief operating officer's departure.
Additional cost overruns and project delays in its renewables business drove the lowered outlook, pointing investors to deeper execution problems in a key segment.
The selloff stood out even in a weak premarket tape for industrial and technology names, making Primoris one of the session's sharpest decliners.
The drop underscores how quickly investors are punishing companies tied to renewable projects when margins deteriorate, schedules slip and management turnover hits at the same time.